Ok I am thinking of applying for a credit card, nothing too fancy but I needed help on what company and what interest rates are usually good. I don't really have much of a credit history so I don't know if that matters. I need the lowest interest rates that I could probably get. Anyone got any ideas.

They are good for establishing credit if you do it right,you need to find one that reports to the credit bureaus every month and use the card every month, even if just for 5 bucks and pay it off, that way when they report, it shows paid in full every month. However with no real credit history you probably wont get a great interest rate but a lot of times you can get companys to bid against each other, when i changed companies the card i did have dropped there interest rate offer to me by almost 10%. So just tell them which company is offering you what, hope this helps, however dont depend on cards to buy stuff, if you dont have the money to buy it, dont buy it, I learned this the hard way after college when i had to pay back all my good times from college

Ok I am thinking of applying for a credit card, nothing too fancy but I needed help on what company and what interest rates are usually good. I don't really have much of a credit history so I don't know if that matters. I need the lowest interest rates that I could probably get. Anyone got any ideas.

 

Let me give you some advice that has served me very well.

 

Pay off your debt each and every month if at all possible. Do NOT get in the trap of carrying debt forward. Ask anyone who has been trapped in it - its painful and a terrible waste of money.

 

If you can't afford to pay for it by bill time, don't buy it.

I get it. I just want one to slowly build up credit. I don't plan on going and buying something I can't afford. Like I just want one to buy things that I could pay for anyway but I would buy them on a credit card then directly pay them off.

 

Anyone know what a good interest rate is starting out? Or the average interest rate?

I get it. I just want one to slowly build up credit. I don't plan on going and buying something I can't afford. Like I just want one to buy things that I could pay for anyway but I would buy them on a credit card then directly pay them off.

 

Anyone know what a good interest rate is starting out? Or the average interest rate?

Don't get a credit card to build credit. It is a huge mistake. As a matter of fact don't get a credit card for any reason. The only thing you will possilby need credit for is to buy a car, although you should pay cash of that, or to buy a house. Either of which you can get a loan for if you do it right. Anyone can get financed on a car any more. And when you go to buy a house as long as you have at least a 20% down payment and a good work history, you can get a loan.

 

Credit cards are evil and there is no good reason to have one. Trust me on this. It has cost me and my wife a whole lot of money learning this lesson.

Don't get a credit card to build credit. It is a huge mistake. As a matter of fact don't get a credit card for any reason. The only thing you will possilby need credit for is to buy a car, although you should pay cash of that, or to buy a house. Either of which you can get a loan for if you do it right. Anyone can get financed on a car any more. And when you go to buy a house as long as you have at least a 20% down payment and a good work history, you can get a loan.

 

Credit cards are evil and there is no good reason to have one. Trust me on this. It has cost me and my wife a whole lot of money learning this lesson.

 

:scared:

Don't get a credit card to build credit. It is a huge mistake. As a matter of fact don't get a credit card for any reason. The only thing you will possilby need credit for is to buy a car, although you should pay cash of that, or to buy a house. Either of which you can get a loan for if you do it right. Anyone can get financed on a car any more. And when you go to buy a house as long as you have at least a 20% down payment and a good work history, you can get a loan.

 

Credit cards are evil and there is no good reason to have one. Trust me on this. It has cost me and my wife a whole lot of money learning this lesson.

I agree. People today think that you need a credit card to build your credit. That's what the banks want you to think.

 

:sssh:

Credit Cards = :devil:

Don't get a credit card to build credit. It is a huge mistake. As a matter of fact don't get a credit card for any reason. The only thing you will possilby need credit for is to buy a car, although you should pay cash of that, or to buy a house. Either of which you can get a loan for if you do it right. Anyone can get financed on a car any more. And when you go to buy a house as long as you have at least a 20% down payment and a good work history, you can get a loan.

 

Credit cards are evil and there is no good reason to have one. Trust me on this. It has cost me and my wife a whole lot of money learning this lesson.

 

You may have just given away your true identy. But your secret will stay safe with me Mr. Ramsey.

 

 

Seriously though that is some good advice. It pains me when I think of all that I could be doing with my paycheck right now, if I hadn't pilled up so much credit card debt when I was younger and stupid. 2 or 3 years of foolishness can take what feels like an eternity to pay off.

You may have just given away your true identy. But your secret will stay safe with me Mr. Ramsey.

 

Seriously though that is some good advice. It pains me when I think of all that I could be doing with my paycheck right now, if I hadn't pilled up so much credit card debt when I was younger and stupid. 2 or 3 years of foolishness can take what feels like an eternity to pay off.

 

I was thinking the same thing...:lol:

Don't get a credit card to build credit. It is a huge mistake. As a matter of fact don't get a credit card for any reason. The only thing you will possilby need credit for is to buy a car, although you should pay cash of that, or to buy a house. Either of which you can get a loan for if you do it right. Anyone can get financed on a car any more. And when you go to buy a house as long as you have at least a 20% down payment and a good work history, you can get a loan.

 

Credit cards are evil and there is no good reason to have one. Trust me on this. It has cost me and my wife a whole lot of money learning this lesson.

 

 

I would disagree with some of your points. If you're smart and have any financial discipline, credit cards are NOT evil. They serve their purpose.

 

Secondly, suggesting that you should pay cash for a car is a)not realistic to many and b)not always a wise financial move.

 

Lastly, waiting to have a 20% downpayment to buy a house is not necessarily the prudent thing to do. Not many folks have the free cash to put down 20% and then also furnish a house. PMI is not a bad thing if its the only way you can finance a house.

 

Blanket statements like the ones you give (and Mr. Ramsey gives) are not always correct and not always smart financially. If it works out for you, great. However, its not for everybody nor should it be for everybody.

I would disagree with some of your points. If you're smart and have any financial discipline, credit cards are NOT evil. They serve their purpose.

 

Secondly, suggesting that you should pay cash for a car is a)not realistic to many and b)not always a wise financial move.

 

Lastly, waiting to have a 20% downpayment to buy a house is not necessarily the prudent thing to do. Not many folks have the free cash to put down 20% and then also furnish a house. PMI is not a bad thing if its the only way you can finance a house.

 

Blanket statements like the ones you give (and Mr. Ramsey gives) are not always correct and not always smart financially. If it works out for you, great. However, its not for everybody nor should it be for everybody.

 

I agree. I have used credit cards to build my credit and it has worked very well for me. The first card I ever got had a 300 dollar limit and that limit has been raised several times after being used correctly and paid off. Once I did good with that card I had a ton of companies offering me cards. I only have one other one now and they offered me 5,000 right off the bat with that one which was a big jump up from what my first card was at.

 

I agree that you really shouldnt use it to buy stuff you cant really afford at the moment. My first card I paid off the entire balance every month. I have one now that I put some golf clubs on that I cant pay off in full every month but I pay well over the minimum payment and will not use that card for anything else until I get that purchase paid off.

 

Credit Cards have been great for me so far but its because Ive been responsible with them. Plus I havent had to pay a lick of interest on either one yet which is nice.

I've been meaning to get one for emergency purposes, but I keep putting it off. As long as you're wise and able to control your spending with it, it could be a good thing.

If you travel it is a must to have a credit card. It is almost impossible to reserve a motel or rent a vehicle without one.

If handled properly and wisely a credit card is a valuable tool, if abused it will be a slow death for your credit score and financial freedom.

The advice of paying off the credit card debt monthly is solid advice.

You might have trouble getting one at first if you have no credit history and yes they are evil.